FirstFed profit down 75% after provisions rise

SimonKennedy

LONDON (MarketWatch) -- Banking group FirstFed Financial Corp.
FED, +3.83%
said Friday that its fourth-quarter net profit fell 75% to $8.4 million, or 61 cents a share, from $33.4 million, or $1.97 a share, a year ago. The drop was due to increased provisions for loan losses and increased losses on real estate operations. The group said loan loss provisions in the quarter rose to $21 million from $3 million a year earlier. Analysts polled by Thomson Financial were expecting earnings of 59 cents a share.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.